John Boehner will give his speech in a few minutes I've heard. Maybe he will discuss why he walked out?
Visit msnbc.com for breaking news, world news, and news about the economy
President Obama's speech:
The big deal was $3 trillion to discretionary domestic and defense spending plus $650 billion to entitlement programs. in a way that was not adverse. Revenues were less than what gang of six asked for - $1.2 trillion by eliminating loopholes, deductions and lowering rates. He says it was unbalanced in not enough revenue, but he was willing to take heat from his party. Says his party leaders were willing to do so as well. He says it is hard to understand why Speaker Boehner walked away.
If there are no revenues, the seniors are burdened, as well as education, research, and middle class services. Asks nothing of corporations, gas and oil and wealthy individuals.
We have run out of time. They (he, John Boehner, Mitch McConnell, Harry Reid and Nancy Pelosi) are meeting at 11:00 a.m. to come up with an answer to avoid default. His only requirement is that the debt ceiling has to be done through his election. If no long-term plan is done, we will be downgraded.
He thought John Boehner was willing to work with him until earlier this afternoon, when his phone call was not returned. He asks if the Republicans can say yes to anything. He wants them to ignore talk radio and activists. He is questioning Republican leadership.
At a minimum, we have to increase the debt ceiling. He is willing to take the responsibility to raise the debt ceiling. He is not willing to string this along for another 8-9 months.
If house Republicans are not willing to avoid default, they have to take responsibility for whatever happens with checks going out, or not. He has said many times by now that this should not be an option. He's discussing elderly and disabled who are barely hanging on. A huge number of companies and people interact with the government. What will happen when 70 million checks are put at risk. It is not an option not to get it done. He cannot believe Congress would be that irresponsible to send a self-inflicted wound to an already hurting economy.
He was negotiating with Speaker Boehner because of certain people in Boehner's caucus. President Obama's responsibility is to make sure we avoid extraordinary difficulties. He was willing to try to persuade Democratic leadership and Congress that even a deal that is not balanced is better than no deal. Once the fiscal house is in order, we can work on infrastructure, education, research and technology.
American people are disappointed that the talk of responsibility and the next generation, when it's difficult leaders walk away. Both parties have to compromise. This is not the usual food fight. The democrats stepped up in politically unadvantageous ways.
What this came down to was there is no capacity for Republicans to say yes. More revenue was requested, but spending cuts were also changed. The discussions broke down for a different reason because they were with $10-20 billion of an agreement. the goalposts were not changed. He was asking for balance.
The democrats have acted above-board. The seeming inability of House of Representatives to arrive at any change in their ideological preferences was the problem. The ratio was 4:1 and that was not appropriate.
He will sign extension of debt ceiling through 2013. He wants to do more. If that's the best they can do, he will make a case to the American people to do more because it can't be put off.
He was disturbed by the message from John Boehner, but did not specify what the message said.
This weekend is imperative to assure Wall Street and the world that we won't default. He remains confident America will not default, but he wants fairness. The Republican bill is not fair. For government not to look out for us and be worried about pledges and primaries instead, is inexcusable. Americans are desperate for them to put aside politics. He wants D.C. to look serious.